LLMC CONVENTION PDF

Chapter V — Final clauses The States Parties to this Convention, Having Recognized the desirability of determining by agreement certain uniform rules relating to the limitation of liability for maritime claims, Have Decided to conclude a Convention for this purpose and have thereto agreed as follows: Chapter I — The right of limitation Article 1 Persons entitled to limit liability 1. Shipowners and salvors, as hereinafter defined, may limit their liability in accordance with the rules of this Convention for claims set out in Article 2. The term "shipowner" shall mean the owner, charterer, manager and operator of a seagoing ship. Salvor shall mean any person rendering services in direct connexion with salvage operations.

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The unit of measurement for monetary liability used is the Special Drawing Right SDR which is an interest-bearing international reserve asset created by the IMF in It should be noted that the SDR is not a currency but is based on a basket of international currencies comprising the US dollar, Japanese yen, euro and pound sterling.

Limitation provisions can also be found in other international conventions such as the International Convention on Civil Liability for Oil Pollution Damage, the package limitations provided by the Hague and Hague-Visby Rules in relation to cargo claims and by the Athens Convention in relation to claims by individual passengers.

The LLMC significantly increased the above levels of limitation, in some cases up to per cent. A separate set of limits were adopted for personal injury claims on which higher limits apply as opposed to property claims. The Protocol The limits were eventually eroded by inflation and by a reduction in the average purchasing power of the SDR and as a result new limits were adopted under the Protocol which were approximately per cent higher than those under the Convention.

The limit of liability for personal injury claims up to 2, gross tonnes was set at SDR 2 million. The limit of liability for property claims for ships not exceeding 2, gross tonnes was SDR 1 million.

The new limits On 19 April , the IMO announced new limits to enter into force, in accordance with the tacit acceptance procedure, on 8 June The new limit of liability for claims for loss of life or personal injury on ships not exceeding 2, gross tonnes will be increased to SDR 3. The limit of liability for property claims for ships not exceeding 2, gross tonnes will be SDR 1.

The above figures constitute a relatively modest increase of 51 per cent. Arguably the main factor prompting the latest amendments is the change in monetary values during the period since the limits were previously set and the above increase reflects this change.

The above proposal concludes that the changes in the inflation rates between and do not exceed 45 per cent and therefore the amendments in the limitation amounts should reflect the above changes. Other contracting states, such as Australia, supported a significantly higher increase of per cent.

Eventually it was the more modest approach that was accepted, which based the increase on the above mentioned changes in inflation rates and also took into consideration the additional period 36 months before entry into force. As to the experience of incidents, the prevailing view was that the very small number of claims mostly bunker pollution incidents that have exceeded the Protocol limits suggests that limitation is operating effectively.

They ensure that any increases of insurance costs should be at a reasonable level and set the basis for modest future increases and do not make the Convention unattractive to those states that are considering ratifying it. Shipowners as well as charterers, managers and operators of vessels and their respective insurers should be aware of the above pending increases and should review their contractual and insurance arrangements to ensure their adequacy in the context of the new increased limits.

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LLMC , amendment. FAQs 1. What changes have been brought in by the amendment to the LLMC ? Under the amendments to the Protocol, the limits are raised as follows: The limit of liability for claims for loss of life or personal injury on ships not exceeding 2, gross tonnage is 3. The limit of liability for property claims for ships not exceeding 2, gross tonnage is 1. What is the value of an SDR? The value of an SDR is determined on the basis of a basket of major currencies.

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Convention on Limitation of Liability for Maritime Claims (LLMC)

This article examines the effect of the Protocol. In , a protocol to the LLMC was agreed, but it was not to come into force until 90 days after 10 States had agreed to be bound by it. On 13 February , Malta became the tenth State to accede to the Protocol, thus triggering its coming into force on 13 May. The principal changes which will take place when the LLMC comes into force are substantial increases in the limitation figures.

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Increased limits of liability enter into force in 2015

The unit of measurement for monetary liability used is the Special Drawing Right SDR which is an interest-bearing international reserve asset created by the IMF in It should be noted that the SDR is not a currency but is based on a basket of international currencies comprising the US dollar, Japanese yen, euro and pound sterling. Limitation provisions can also be found in other international conventions such as the International Convention on Civil Liability for Oil Pollution Damage, the package limitations provided by the Hague and Hague-Visby Rules in relation to cargo claims and by the Athens Convention in relation to claims by individual passengers. The LLMC significantly increased the above levels of limitation, in some cases up to per cent. A separate set of limits were adopted for personal injury claims on which higher limits apply as opposed to property claims. The Protocol The limits were eventually eroded by inflation and by a reduction in the average purchasing power of the SDR and as a result new limits were adopted under the Protocol which were approximately per cent higher than those under the Convention. The limit of liability for personal injury claims up to 2, gross tonnes was set at SDR 2 million.

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LLMC 1976 CONVENTION PDF

Shipowners and salvors, as hereinafter defined, may limit their liability in accordance with the rules of this Convention for claims set out in Article 2. The term "shipowner" shall mean the owner, charterer, manager and operator of a seagoing ship. Salvor shall mean any person rendering services in direct connexion with salvage operations. Salvage operations shall also include operations referred to in Article 2, paragraph 1 d , e and f. If any claims set out in Article 2 are made against any person for whose act, neglect or default the shipowner or salvor is responsible, such person shall be entitled to avail himself of the limitation of liability provided for in this Convention. In this Convention the liability of a shipowner shall include liability in an action brought against the vessel itself. An insurer of liability for claims subject to limitation in accordance with the rules of this Convention shall be entitled to the benefits of this Convention to the same extent as the assured himself.

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